Ownership Structure

Below is a summary of Bees United’s shareholdings in Brentford FC Ltd and other subsidiaries. This structure outlines the position immediately after completion of the partnership deal with Matthew Benham completed in March 2010. Those interested should also viiew the Trust's agreement with Matthew Benham.

Brentford FC Limited (“BFC”)

Created in 1998 this company is the main trading subsidiary. It holds the beneficial ownership of Griffin Park and the Football League's membership share.

The principal ordinary shareholders (200,000 issued) as at 31st January 2012 are:

Bees United

120,662

60.3%

Matthew Benham

71,800

35.9%

Brentford Supporters Association

1,040

0.5%

Dan Tana

1,010

0.5%

Ron Blindell

550

0.3%

Others (215 shareholders)

4,938

2.5%

In addition there are two special ordinary shares issued as follows:

Martin Lange special share – this gives Martin Lange the right to block any sale of Griffin Park under certain circumstances. This share converts into an ordinary share (and therefore loses this right) upon the earlier of his death, bankruptcy or 31st May 2014.

Bees United Special Share – this share gives BU the right to veto the sale of Griffin Park or any successor stadium unless the proposed sale will enable a bona fide move to a new stadium that meets all reasonable requirements for the football club. A copy of these requirements is outlined in the articles of BFC. The rights only apply once the Martin Lange special share has converted into an ordinary share.

The Directors of BFC are:

Mark Chapman

Greg Dyke (Chairman)

Donald Kerr

David Heath

John Herting

David Merritt

Eddie Rogers

Phil Whall

Lisa Hall is company Secretary but does not have a board seat.

This structure together with BU’s shareholdings in other subsidiary companies is outlined in the diagram right.

Bees United has the controlling interest in the following companies:

Brentford Holdings Limited

Created in 1997 as a vehicle for a consortium consisting of David Webb, John Herting and Tony Swaisland to purchase the controlling interest in the then "Brentford Football & Sports Club PLC" (Brentford FC) from previous owner Martin Lange.

Bees United holds all 54,000 ordinary shares, i.e. it is a 100% subsidiary of Bees United. The company does not currently trade and its only major asset is a shareholding in Griffin Park Stadium Ltd (see below).

Its directors are:

John Herting

Stephen Callen

Andre Sawyer

All of whom are unpaid.

Griffin Park Stadium Limited

The orginal limited company of Brentford FC, created in 1901 and originally titled Brentford Football & Sports Club Limited. Made a PLC in 1982, its name was changed to Griffin Park Stadium Limited in February 1999, at the same time reverting back to a private limited company. Currently it is not trading and its key asset is an inter-company loan in favour of BFC. It owns the legal title to Griffin Park (the beneficial title and the significant value is owned by BFC).

The principal shareholders (200,000 issued) as at 1 June 2008 are:

Brentford Holdings Limited*

101,895

50.95%

Matthew Benham

70,874

35.44%

Reconciliation Control a/c

4 717

2.4%

Bees United*

4,482

2.2%

Brentford Supporters Association

1,040

0.5%

Dan Tana

1,010

0.5%

Others (746 shareholders)

15,982

8.0%

Bees United controlling shareholding is via its ownership of Brentford Holdings Ltd and its smaller direct shareholding.

Its directors are:

Stephen Callen

Mark Chapman

John Herting

Eddie Rogers (Secretary)

Andre Sawyer

All of whom are unpaid.

Brentford FC (Lionel Road) Limited

On 28 June 2007, Brentford FC Limited created a subsidiary company called Brentford FC (Lionel Road) Limited. This company was formed to pursue the development of a new stadium for BFC. As at 31st March 2010 the company has two shareholders:

Brentford FC Limited with 99 shares (99% shareholding).

Brentford Football Community Society Ltd (Bees United) with 1 'golden' share, giving certain veto rights over the actions of Brentford FC (Lionel Road) Limited. In particular this golden share, which represents 1% of the issued share capital, gives Bees United the right to a veto over any issue or transfer of shares, the disposal of assets over a material level, the use of land for any purpose other than that of a sports stadium, the charging of assets, the implementation of any liquidation proceedings and the payment of any dividends. In addition Bees United have the right to appoint a minimum of one director to the board of Brentford FC (Lionel Road) Limited.

Its directors are:

Greg Dyke (Chairman)

Brian Burgess

Chris Gammon (Secretary)

Mike Power

Donald Kerr

Mike Power, Donald Kerr and Greg Dyke are unpaid.

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